Newsletter 721: New SRO regulations into force on 1 January 2021

Ladies and Gentlemen
Dear members

We would like to draw your attention to our revised SRO regulations, coming into force on 1 January 2021. It can be found on our homepage under VQF Downloads.

With FINMA’s ordinance to the Financial Instutions Ordinance (FinIO-FINMA), FINMA has also revised its Anti-Money Laundering Ordinance (AMLO-FINMA). This includes namely the following revisions:

• New threshold for cash transactions with virtual currencies
• Additional confirmation when identifying a trust relationship
• Clarification regarding business relationships with minors and persons under guardianship
• New provisions regarding waiving the obligation to identify the beneficial owner
• Elevated duty to document regarding insurance wrapper
• Clarification regarding duty of care with financial leasing
• Alleviated duty of care with lendings

We kindly ask you to duly take note and implement said provisions. In case you should have any questions or remarks, please do not hesitate to contact us.

Kind regards

VQF - Verein zur Qualitätssicherung
von Finanzdienstleistungen